57% of surveyed companies have revealed that lost orders have contributed to an annual loss of revenue between $250,000 and $500,000. This is according to Cleo‘s 2019 State of Ecosystem and Application Integration Report, which highlighted the importance of a robust integration platform.
Integration is key to communication
Overall, Cleo surveyed 100 IT decision makers from a wide variety of industries and job functions. Drawing data from an online survey, Cleo’s goal was to encourage “healthy conversation” between IT teams and key stakeholders.
In order to support critical B2B communications, it is evident that enterprises require a robust integration platform. As a result, companies can easily connect and integrate systems, applications, people, and processes.
However, many organisations say that deficiencies in integration resources and capabilities are currently contributing to an annual loss of revenue. In fact, 55% said that they suffer from a loss of between 50 to 150 orders each year.
Steady demand for emerging tech
Although respondents understood the limitations and high maintenance cost of legacy tech, they also recognised the importance of day-to-day operations. According to the report, a crucial element of digital transformation is “balancing old and new technologies.”
90% of IT decision makers said that they planned to migrate core integration capabilities to the cloud within a year. 55% indicated that enhanced data security will be critical to future business, while 25% of companies struggled with integrating new applications.
In addition to this, 60% said that they perceive end-to-end visibility as an important requirement in their digital ecosystem. It is therefore integral that companies are able to bridge the gap between legacy systems and modern technologies.
Bridging the gap between the old and new
In effect, this entails integrating legacy systems with modern applications without disruption and in a cost-effective manner. In order to achieve this, “enterprises must simultaneously maintain legacy systems while adopting newer cloud services and SaaS solutions.”
It is vital that enterprises support critical the B2B communications and trading partner onboarding processes that drive revenue. In order to do so, companies face an “unprecedented need for flexible integration, comprehensive governance, and business agility.”
As the demand for integration constantly evolves and new technologies emerge, respondents explicitly recognised the need to modernise. The report stressed that “modernising integrations between partners and internal systems, automating end-to-end data processes, and centralising integration management are keys to positioning their businesses for the future.”
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